The Hindu : Andhra Pradesh News : Loss in business behind loot bid

Online edition of India's National Newspaper
Tuesday, Jan 04, 2005

Andhra Pradesh

Andhra Pradesh

Loss in business behind loot bid

By Our Staff Reporter

HYDERABAD, JAN. 3. The police have learnt that Mahender Reddy, who was caught allegedly while trying to break into the Andhra Bank Petbashirabad branch building, borrowed money to buy the gas-cutter he had used in the bank heist attempt. Probe revealed that losses in business drove Mahender Reddy to the attempt.

A native of Nalgonda, Reddy was living with his uncle at Kushaiguda. He was in the business of supplying spare parts used for borewell machines. Till a few months ago, his business was flourishing and bought a pre-owned Maruthi van through a bank loan.

However, he suffered losses in the business and was looking out for new options. Someone suggested to him that preparing wrappers used for packing tablets would yield profits and the machinery for installing such plant required an investment of Rs. 10 lakhs. Since then, he had been looking out for securing that money.

SBH the first target

He borrowed Rs. 20,000 from a person and bought a cylinder and gas cutting machine. Initially, he targeted the State Bank of Hyderabad branch office in Nalgonda district headquarters. "But, he dropped that plan as security guards were on duty round-the-clock there", according a police officer.

He set his eyes on the Andhra Bank on the Medchal road while passing by that route in a bus. He did a reccee of the area and drove to the bank a couple of times on a motorcycle during the nights. He familiarised himself with the topography. On Sunday night, he went to a `dhaba' in Medchal, had dinner and slept in the van for a few hours.

He woke up around 3 a.m. and drove to the bank in the van. "All this shows that he is not a professional offender and this attempt had no connection with the Canara Bank heist in the Kushaiguda area," says a police officer.

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Andhra Pradesh